The Association of Chartered Certified Accountants (ACCA) does not believe that the existing rules on auditing need to be changed. However, the accountants concede the rules have not been effectively enforced. In a report to the review group on auditing, set up by Ms Harney, Tanaiste and Minister for Enterprise, Trade and Employment, the accountants say more work needs to be done to satisfy the Government and the public that self-regulation is working effectively and consistently.

The failures identified by the Committee of Public Accounts (PAC) "reflect a lack of enforcement in a climate where malpractice was tolerated, not an absence of appropriate structure or inadequate professional standards". The accountants say they are "conscious that the DIRT inquiry highlights endemic non-enforcement of rules/standards extending far beyond the statutory audit".

On the role of the Central Bank, the accountants note that, under their own rules, auditors have to consider matters which come to their attention during an audit and should also consider including it in a report to directors or management. "There is no reason why the Central Bank should not ask for copies of such reports given by their auditors to licensed deposit holders". The PAC suggested there should be joint auditors to financial institutions, one of which would be appointed by the Central Bank. This is opposed by ACCA which says the Central Bank should exercise its powers of supervision and review more effectively.